Oldest fixer-upper for sale this week in Los Angeles.
The Queen Anne Victorian home has 3 bed/2 bath, 1,050 sq. ft. of living space, and is on a 4,077 sq. ft. lot.
Asking price: $950,000
Text me if you want a tour: 818-445-7953.
Do a 1 day listing agreement to sell your home
When you list your home for sale with an agent, the first thing you need to do is determine how long you are going to give that agent an opportunity to sell your home.
The length of time is determined by you and the agent.
Nothing is set in stone.
You can do a year, 6 months (this is average), you can even do a 1-day listing agreement.
I have done plenty of 1 day listing agreements.
I use that when I want to show a home 1 time to 1 of my buyers.
Can you accept a Rolex as a deposit?
If the buyer refuses to send cash as their deposit, find another buyer.
Remember, the deposit is sent over within the first 3 days of opening escrow.
If the buyer is this difficult to work with just 3 days in, imagine how hard it will be for the rest of the 30 day escrow period.
Don't accept a Rolex as your home purchase deposit
As soon as you accept an offer for someone to buy your home, the buyer has to send over an all-cash good faith deposit.
This deposit is typically 3% of the purchase price of the property and is held by the escrow company in an escrow account just in case the buyer breaches the contract and you want to try to collect for damages.
If the buyer wants to send over anything but cash as their deposit, say no!
I have heard of buyers trying to use necklaces, #Rolex watches, and all types of other items for their deposit.
There are a few problems with this.
1) Will the escrow company hold a physical item as a deposit?
2) What is the true appraised value of the item?
3) Is that item real and authentic?
Because so many problems can arise out of this, only accept cash as your deposit.
If the buyer refuses, find yourself another buyer.
4 major events occur within 5 days of selling your home.
1) The buyer has to do a final walkthrough of your home. This is to make sure the home is in the same condition that it was in when they initially put in a offer.
2) Buyer signs their loan docs. This means they are officially signing up for a mortgage.
3) The lender will fund the loan the next day. Funding the loan means the lender wires over the money the buyer is borrowing to the escrow company.
4) They day after that, the recording takes place. That means title has officially changed hands and you no longer own the home... it's officially sold!
